On January the first 2009, Slovakia introduced Euro as its official currency thus replacing its fifteen years old currency – crown (SKK). The replacement program was initiated in 2005 when artists were asked to come up with ideas for the design of Slovakian Euro. On April 1st 2008, Federal Bank of Slovakia made public the plan for the withdrawal and the destruction of the Slovakian crown following three years of monetary reforms carried out in stages. Euro was supposed to completely replace crown the following year. The final step was timely frontloading of 500 million of the freshly made Slovakian Euros, banknotes and coins, into companies all over the country. The task was done, as planned, in November 2008. Finally, on January 1st 2009, Euro became the official currency of Slovakia with the fixed rate of 30,1260 SKK for 1 €. In the first eight days of the new year, 11 billion SKK were withdrawn, which made 14% of the total money in circulation at the time. Dual system of payment was in place until January 17th 2009, during which time it was possible to pay in SKK but the change was in Euros. From that day crown was replaced by Euro even though the prices will be quoted in both currencies until the end of 2009. It will be possible to exchange SKK coins for Euro until December 31st 2013 while there is no deadline for exchanging banknotes.
